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The rifle was developed in Czechoslovakia at the Ceska Zbrojovka (CZ) factory in Brno. During the German occupation, small numbers of the PzB were manufactured for the Waffen SS. While more effective than the Panzerbüchse 39 rifle due to a magazine being used, it could not penetrate modern armor and was considered obsolete by 1942.

The PzB bears a resemblance to a bullpup design. Operating the weapon is similar to how one would operate a Gepárd M1 anti-materiel rifle; turning the pistol grip, which acted as a bolt. In this case, the PzB's pistol grip was turned to the right and then pushed forward. The magazine is loaded in the rear.